ECONOMYNEXT – Sri Lanka is exploring opportunities in the Central Asia region with a focus on economic diplomacy, its Ministry of Foreign Affairs said.
The ministry, together with the Geopolitical Cartographer, hosted the Central Asia Forum 2024 last week which explored “the potential for future cooperation between Sri Lanka and Central Asia, a region with increasing geopolitical and geo-economic significance” it said in a statement.
“The success story of Sri Lanka’s pioneering investment by LOLC in Central Asia, in the financial services sector, provided useful insights into entering the Central Asian market and building a competitive business in a hitherto unexplored region,” the ministry said.
Sri Lankan conglomerate LOLC Holdings operates in Tajikistan, Kazakhstan, and Kyrgyzstan.
The importance of developing better connectivity between Sri Lanka and Central Asia, expanding and diversifying trade, tapping on synergies in areas such as the environment, tourism and sports, and building on the people-to-people contacts that have already started, were identified as elements for strengthened cooperation between Sri Lanka and the Central Asian region.
“The potential to expand economic and trade ties with Central Asian countries in several areas ranging from textiles, energy, tourism, agriculture, IT sector, education, food and beverages, tea, gems and jewellery, transport and logistics and Ayurveda and wellness products was discussed.”
Sri Lanka’s engagements with countries in the Central Asian region has progressed, the ministry said, with the conclusion of Foreign Office consultations with Kazakhstan, Kyrgyzstan and Turkmenistan and the decision to establish reciprocal resident diplomatic Missions in Astana, Kazakhstan and Colombo. (Colombo/Aug26/2024)